Decision intelligence combines technologies such as AI and automation that links data with decisions, actions and outcomes. Decision intelligence is supported by both Al and ML, as they enhance forecasting and predictive capabilities and organizations in a variety of use cases and industries use decision intelligence to help automate and expedite decision-making processes. Financial services, healthcare, and supply chain companies, for example, might benefit from decision intelligence by utilizing their data more effectively and utilizing Al's full potential. Currently, these industries are in dire need of reliable decision-making. Businesses now prioritize providing a consistent customer experience across all platforms and making offers in real time by examining consumer purchasing trends.
According to SPER market research, ‘Decision Intelligence Market Size - By Component, By Solutions, By Services, By Deployment Type, By Organisation Size, By Application, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Decision Intelligence Market is predicted to reach USD 52.47 billion by 2032 with a CAGR of 18.03%.
In response to the pressing need to digitize and take use of new technologies like Al and ML, decision intelligence is increasingly being seen as a solution. Decision intelligence provides people with superior analytical skills that are seamlessly integrated into decision-making and operational processes, enabling businesses to achieve meaningful business outcomes. The market is further propelled by growing investments in big data technology to produce actionable business insight, as well as rising investments in artificial intelligence (AI) and internet of things (IoT) technologies. Businesses now prioritize providing a consistent customer experience across all platforms and making offers in real time by examining consumer purchasing trends. Consequently, the growing use of decision intelligence across a number of industries drives the expansion of the decision intelligence market.
The foundation of decision intelligence systems, data, is still an essential but difficult component for enterprises to handle. The market's expansion has been hampered by inefficiencies in managing exabytes and petabytes of data, which raise the possibility of security breaches and data loss. Furthermore, marketing departments use safe, up-to-date data to comprehend consumer behaviour and preferences. To fully utilize data, organizations intentionally gather information from various touchpoints and apply rigorous analysis techniques. This data is used for a variety of applications and support needs and is protected from both small and large public sources. Thus, in order to keep customers' trust, providers need to guarantee good data security. These cyberattacks are a perpetual possibility, which makes it difficult for data-intensive industrial sectors to embrace these solutions.
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Impact of COVID-19 on the Global Decision Intelligence Market
The global market suffered as a result of the COVID-19 pandemic's abrupt outbreak. Strict lockdowns and other government measures implemented in the wake of the crisis caused industry closures and interfered with supply chain activities in multiple end-use verticals, but this market benefited from the COVID-19 pandemic. The virus's spread raised the need for products that assist businesses in making better decisions about supply chain management, risk management, and customer experience. Furthermore, as more organizations moved online and people could readily use these solutions from a distance, the pandemic hastened the adoption of cloud-based business intelligence tools. Additionally, these solutions were integrated with other cloud services, data sources, and applications throughout the pandemic, which made it simpler for companies to use their current resources and data.
Decision Intelligence Market Key Players:
The North American region dominates the market, but Asia Pacific is expected to experience rapid growth and has excellent market growth prospects. Additionally, some of the key market players are Board International, Cerebra, Clarifai, Course5i, Domo, Google, IBM, Intel, Microsoft, Oracle, Pace Revenue, and others.
Decision Intelligence Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Component:
- Platform
- Solutions
- Services
By Solutions:
- Integrated
- Standalone
By Services:
- Consulting
- Deployment and Integrations
- Support and Maintenance
By Deployment Type:
- Cloud
- On-premises
By Organization Size:
- Large Enterprises
- SMEs
By Application:
- Demand Forecasting
- Discovering Cause
- Logistics Optimization
By End User:
- BFSI
- Retail & eCommerce
- Government & Defense
- Healthcare & Life Sciences
- Manufacturing
By Region:
- Asia-Pacific
- Europe
- Middle East
- Africa
- North America
- Latin America
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Decision Intelligence Market Revenue
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